To invest in a gold IRA for retirement is to turn your retirement fund into a rock-solid future.
With current gold prices sitting at $1,320 an ounce, it is wise to make gold your main investment choice.
This is especially true when you understand that this is an increase from $1,245.51 since March of last year. That had also been a large increase from $1,127.82 since the beginning of 2015.
It is highly advised to invest in physical gold and precious metals through an IRA (individual retirement account). This is much better than investing in gold and precious metals through paper assets like stocks, bonds and cash. (See Main Page: Best Gold IRA Options)
What is a Gold IRA?
The majority of IRA’s invest in more traditional assets like stocks, bonds, and cash equivalents. However, the tax code also permits “self-directed” IRA’s that can hold precious metals such as silver or gold. (View Page: Self-Directed IRA and Gold)
But this does not mean that all types of precious metals are allowed within an IRA.
The tax code designates specific gold, silver and platinum coins for qualification – these three. It also sets the purity qualification standards for gold, silver, platinum or palladium bars that are IRA-approved. Other forms of precious metals such as collectible coins and jewelry are not allowed. (View all IRA-Approved Precious Metals)
How Can I Set Up A Gold IRA?
In order to properly set up a Gold IRA, you must first find a trustworthy Gold IRA custodian. They will help you store your physical precious metals coins and bullion in their secure depository. The depository will be responsible for transporting and holding your gold and/or precious metals. (View: Top 10 Gold IRA Companies)
The next step is to actually buy the physical IRA-approved gold or precious metals coins or bullion. The Gold IRA custodian will then transfer those assets to the depository and record them appropriately
Examples of accepted forms are the gold and silver American Eagle and Canadian Maple Leaf coins, the Austrian Philharmonic coin, PAMP Suisse Gold bars, Sunshine Gold and Silver Bars and most platinum bars.
Gold IRA vs. Other Retirement Plans
Unlike traditional IRA’s or 401(k) retirement plans that brokerage firms or banks offer, you get to make the choice as to what your investment hinges on with a Gold IRA. You get to select:
- Type of eligible precious metals you want in your portfolio;
- Form of metals you prefer – bars, bullion or even coins.
- You are in charge of what your investment looks like and that is very important to baby boomers.
When you choose a Gold IRA for retirement, you back your investment by physical assets such as gold, silver, palladium and platinum.
In 1997 Congress created the rule that allows this and the former director of the United States Mint, Edmund C. Moy was there to oversee the world’s largest production of coins made from gold and silver.
Criteria for Precious Metals to be Held in an IRA
- These metals cannot be held by the IRA owner themselves. They must rather remain in the possession of the IRA trustee and stored in a specially approved depository.
- It must meet specific fineness standards. (View Main Page :IRA-Approved Precious Metals)
- It is not allowed to keep bullion or bars in a home closet or safe, nor can you place them in a safety deposit box at a bank for safe keeping.
- With Roth IRA’s and other traditional IRA’s,your money is invested in mutual funds, stocks and/or bonds and that make them vulnerable to the adverse effects of inflation. Since the price of gold typically increases over time, including a Gold IRA in your retirement plan is like having an insurance policy for your portfolio. The smart choice for investing in a retirement fund is to approach it in a balanced manner to reduce the risks.
A History of the Robust Growth of Gold IRA for Retirement
Gold IRA’s in the Past Were Not So Convenient
In the past, investing in precious metals backed IRA’s was not as popular as it is today. It had to do with the complicated process investors had to deal with of selecting an IRA provider that will accept gold as an investment option.
It was necessary for those interested to find a custodian or trustee in addition to an approved depository for all this to work. For this reason, only persistent and experienced investors were the majority of Gold IRA owners.
Modern Gold IRA Companies – Made by Crisis Demand
In the aftermath of the 2008 financial crisis, Gold IRA’s gained more attention with the general public. The resulting effect was that a great number of companies sprang up to handle the increasing amount of precious metal sales.
This made transactions simpler for anyone interested in this form of investing in a one-stop shopping sort of way. Robust growth of Self-Directed IRAs such as the Gold IRA was the natural result.
World and economic news also had an impact on the rise of interest in the Gold IRA.
Another key factor to its growing interest was the potential impact of inflation caused by stimulus programs implemented by the Federal Reserve.
What Should I Look For in a Gold IRA Custodian?
- Cost Transparency – Ask as many questions as necessary to find out about what it will cost so that there are no surprises or hidden fees. It is best to choose a company with a low, flat yearly fee.
- Company Reputation and Record of Performance – The Business Consumer Alliance (BCA) and the Better Business Bureau (BBB) are great places to start when checking the reliability and track record of a Gold IRA company. You should also check actual consumer reviews and complaints filed against various companies.
- Flexible to Client Needs – Investor goals and needs vary, and there is no such thing as a one-size-fits-all investment strategy. You want a company that caters to your individual requirements without lumping you in with all the rest of their clients.
- Credentials and Qualifications – Any company with which you invest your hard earned money and financial future should be one that is insured and bonded for your protection by having all the necessary registrations and licenses.
- Stockpiling Options – It is best to choose a company that will allow you to stockpile your gold, silver or precious metals coins or bullion with segregated stockpiling. This is much safer than co-mingled stockpiling in which your coins or bullion are stored together with those of others and are only separated by record-keeping.
- Buyback Program – Make sure the company has a good buyback program with no strings attached. The best company has a client-friendly buyback program all days of the week for any precious metals. They will also make sure you receive the funds in your money within 24 hours of purchase.
- Customer Service – Avoid pushy salesmen, especially those who insist you buy collectible coins that are not even approved for IRA’s.
Find the Best Gold IRA Company
View our List of Top 10 Gold IRA Companies to choose among the most trusted mainstream custodians. See how Regal Assets emerges as the best company among all its competitors in the Gold IRA industry.
Do you have any questions on how you can invest in a Gold IRA for retirement? Ask below!
thank you for sharing
this post for me is of great valueI liked the way you explained it from the beginning to the end this post is new to me I did not know before but from reading this blog I did not even know this today i believe that gold has great value too how did you explain it to me again I will go back to your blog to read other new things from you
Hello, Bajram! Gold has great worth for investment mainly because of it’s intrinsic value – historically it has always been an item of high value in many cultures and is expected to continue to do so. You can read more about why gold is the best investment and how to get the most of investing in gold from our article titled “Best Gold IRA Options”!
Hmm. Interesting post, but I have a couple of questions.
1. “With current gold prices sitting at $1,320 an ounce, it is wise to make gold your main investment choice”
Yes, but doesn’t gold fluctuate like a Yoyo? Is it really a long-term investment?
2. “The tax code designates specific gold, silver and platinum coins for qualification”
Wouldn’t this be the US tax code, in which case, how non-specific is your advice—would it apply to me, a citizen of, and resident in the UK?
3. “you must first find a trustworthy Gold IRA custodian” How can I tell who is a “trustworthy Gold IRA custodian”?
I assume these people are regulated, but are they properly audited too, or can they turn out to be like Bernie Madoff and make off with all my retirement funds in their avaricious little pockets?
Please remember in answer to question 3 above, that I have read the section, “What Should I Look For in a Gold IRA Custodian”. Are the seven criteria you list sufficient to detect Madoff-like chameleons who have bad intentions?
4. How did you select the entries for your “List of Top 10 Gold IRA Companies”?
Are you affiliated with any/all of them?
Believe me when I say I note your assertion that: “The best company we recommend has the highest ratings from all the most authoritative business review sites with no complaints ever having been recorded”.
My problem is that Bernie Madoff probably passed the same tests before it all fell apart for him.
Let me ask you this: why don’t I just buy gold nuggets and put them in a nice safe, out of sight of the government and thieves alike? At the least, I avoid the $250 flat yearly fee, which adds up to a tidy saving of $2500 in just ten years.
Anyway, thanks for the post, it throws up some intriguing ideas. It would be super if you could address the issues I raise above.
Hello Tayo and thank you for coming by with your questions! I would be glad to answer each and every one of them for you.
1) Yes, I really put the prices there for the gold investors who are more keen on ETF’s (which requires some short-term decision-making as well). Yes, though, you are right that gold is a long-term speculation option, and the price of gold does fluctuate in the short-term but it climbs uphill steadily in the long-term for two reasons: 1) gold is mainly valuable because of its intrinsic value – it has historically been viewed as an item of high worth because of its high status symbol, as in royalty, in jewelry, decorations, and even architecture and 2) the declining U.S. dollar and the declining trust in the fiat currency system as a whole has people flocking to more safe physical assets that are inflation-proof and gold and precious metals is always the first that investors cling to in such times
2) It is a U.S. tax code by the IRS but it applies to Gold IRA qualifiable coins which must be held by Gold IRA Companies which follow U.S. regulations. the coins themselves are from all over the world and not just the U.S. but the qualification system applies to all the coins and to all IRA-holders from anywhere in the globe, simply because the companies that hold the IRA’s must follow U.S. regulations, specifically in this case in regards to what kind of coins qualify for an IRA.
3) Yes, the fact that these companies must be properly audited is one of the criteria for them to be taken into consideration – any company that is reviewed by the trustworthy business review sites must first be properly audited companies, lest they will not be reviewed in the first place
4) We are affiliated with the #1 company on our Top 10 List, Regal Assets. They received the highest ratings on all the business review sites with not a single customer complaint ever being recorded. The rest of the companies are the rest of the best of the mainstream Gold IRA companies we found through our research.
The problem with the idea of holding gold bullion on your own is simply safety. This is essentially what a Gold IRA companies does – they hold your gold bullion or coins and keep them safe and are held accountable for them in case of loss but hold them in maximum security through the best depositories in the world. Also, $2,500 may be a 10 year savings from keeping the gold on your own, but that’s also in U.S. dollar terms which will only depreciate in value, and that is also money you could have invested to simply keep a large amount of your resources safe (as Gold IRA investments are a minimum of $10,000 and oftentimes much more than that it is worth investing that much over the years for safe-keeping). Also, if the gold was stolen or lost during those 10 years then that’s also simply $2,500 you could have invested in for insurance for all gold that you lost.
Thank you for dropping by and the questions!
Okay, thanks for answering my questions. I’m happy with your replies and I will look seriously now at this investment strategy.
Thank you for dropping by and your feedback as well, Tayo! I am happy to answer your questions anytime!
This is lovely and i must commend you seriously for pitting this lovely post together; You have been an inspiration to me in the past through your articles and i must tell you this is not an exception. I have heard severally that Gold is very lucrative but i have not been able to know the process to go about it. Your article is an eye opener for me because it has answered my long time questions.
Thanks for this indepth analysis; I appreciate
Thank you for your gracious comments, Ola! I am glad you appreciate my article and found it helpful. If you would like to read more about the gold IRA process, I would suggest you read our main page, Best Gold IRA Options, and to go through our List of Top 10 Gold IRA Companies before making your decision to invest in one. Thank you again for your feedback and appreciation!
Thank you very much for sharing with us such an important blog. If I did not read this blog I can not find the details about “GOLD IRA”. This blog will be very much helpful to the others who want to grow his investment. The most fundamental thing I basically gain from here is to invest in a gold IRA for retirement is to turn our retirement fund into a rock-solid future. I will definitely share this blog with my friends.
Thank you Seofarhan for dropping by and letting me know that you found my article helpful! Thank you also for sharing! Make sure to view our List of Top 10 Gold IRA Companies and see how the best company, Regal Assets, emerges as the best in the industry. I hope to see you again soon!
Hi David, Thank you for writing an honest review about gold IRA, I found here much important information about investment in a gold IRA retirement, it will be helpful for me to make a decision for investment, however I have read your another post which is you linked here ” List of Top 10 Gold IRA Companies” after reading your both article I have learned details about gold IRA investment. Thanks again.
Hello Paul! Thank you for your feedback on my articles and I’m glad that you found them helpful! I hope the Top 10 List helped show you how Regal Assets emerges as the best company out of all of them. It will be a great idea to make them your chosen Gold IRA custodian when you go through with your decision to invest in a Gold IRA. Thank you again for dropping by and sharing your thoughts!
Thank you for sharing this great informational article about Invest in a gold ira for retirement. I have read your guideline, i believe from your write up. I want to know how Can I Invest in a Gold IRA for Retirement? You can help me? I am going to share this with my friends too. Thanks for such a nice post.
Hello Usman and thank you for your comments and questions! To invest in a gold IRA for retirement, you should first decide whether you want to directly invest in purchasing gold bullion and/or coins in an IRA or if you want to rollover the funds in your current retirement plan to a Gold IRA.
Then you must choose a trustworthy Gold IRA company among our List of Top 10 Gold IRA Companies. I highly suggest you go for the best company, Regal Assets. In addition to all their other excellent points, they also provide great customer service to advise you and guide you along the whole investment or rollover process.
Sharing this post is awesome,
There is nothing good as investing in one’s future and securing it. This is my first time of coming across any of your article. I love the way this post is explained just in a simple terms and not being ambiguous. Gold is lucrative and really as I do hear but my fear or question is that hope it doesn’t fall fluctuate in price. As it is now bitcoin dropped alot and hasn’t regain the price it was. I would love to acquire some Gold pls how stable is the price? Thanks.
Thank you for the appreciation for the article, Olalekan! Gold is valuable for 2 reasons: 1) It is an item of high intrinsic value – it has been viewed as an item of high worth in jewelry, as a status symbol, in decorations and architecture in many cultures throughout the world and is expected to continue to hold such value in the future and 2) the declining value of the U.S. dollar and the declining trust in fiat currency throughout the world makes people go to secure tangible assets such as gold and precious metals at such times. These are reasons you can trust that the price of gold will continue to rise. Bitcoin is called the “gold” of cryptocurrency, but gold is an actual tangible item of high worth much before in history and will continue to be so. I hope this helps you make your decision! Thank you for dropping by with your feedback and question, Olalekan!
I did not heard about Investing in Gold Ira for retirement before reading your article. It is really nice to know about it. I think it is a good choice to invest in gold ira. Thank you so much for letting us know. No longer waiting, I ma going to share your post with my dad and tell him to choose a gold ira company and go for it. This is the best investment plan.
Thanks again for such a nice post. 🙂
Hello Radeetalam! I am glad you found the article helpful and inspiring! Let your father know that he should review our List of Top 10 Gold IRA Companies and see for himself why Regal Assets is the best company among all those in the industry! Thank you for dropping by and I wish you the best in convincing your father to make the right decision!
I am in the midst of planning for my retirement funds. I never knew that we can invest in a Gold IRA. I think the gold investment is less risky as it is backed by physical gold or other precious metals and the potential of return is good. Further, l can diversify my investment portfolio to reduce any unforeseen risk. I will check out Regal Asset to open a Gold IRA.
Thank you for this helpful article.
Indeed, Regal Assets is the most recommended company in our Top 10 Gold IRA Companies List because it excels all the other companies in every criteria that such companies in this industry should meet.
Diversifying your portfolio with tangible assets of high intrinsic value such as precious metals, land, and natural resources is my best advice and so I think you are on the right path of investment decisions.
I am glad you found the article helpful and informative and I wish you all the best in opening up a Gold/Precious Metals IRA!
Wow! This is a very comprehensive blog post!
I never knew there are still legit platforms like IRA where gold can be traded. I am much aware gold investment can be so lucrative but to know a legit platform on which it can be done has really not been easy. I love this article as it has exposed me to many things on gold investment i was ignorant of.
Thank you for your feedback, Michael! Indeed there are actually many platforms in which you can invest gold such as stocks, ETF’s, and futures but we recommend buying physical gold and storing them in an IRA because it is the physical bullion that retains the inflation-proof value. I am glad you appreciate the information in the article. Thank you, Michael!
This explicit post is really an eye- opener.
You have done a wonderful job gathering this expensive information together. I have read through the article and its really expository, investing in physical gold through IRA. But how can I detect a “trustworthy Gold IRA custodian”?. is there any regulatory body binding them? so they don’t cart away people’s funds?
We have chosen all the companies in our Top 10 Gold IRA Companies List based on specific criteria and one of them includes the ratings they receive with the most authoritative business review sites such as the Better Business Bureau (BBB), the Business Consumer Alliance (BCA), and TrustLink. They also review customer complaints on top of making sure that they are accredited businesses, so you can be rest assured that all the companies we reviewed are up to par to safety standards and will not be taking your money away for no reason!
Thank you for dropping by with your question and feedback!